Guide on SSS Housing Loan Amount 2024 for Application
SSS HOUSING LOAN AMOUNT 2024 – You can check the details here about the loanable amount under the Social Security System offer.
In the Philippines, one of the social insurance institutions that have millions of members is the Social Security System or more popularly called SSS. Its members are most locally-employed individuals in the private sector and self-employed individuals.
Every month, members must post the SSS contribution to keep an active and updated account to the state-run social insurance institution. It is the way to be eligible to the loans and benefits offered by the state entity which includes the SSS Housing Loan.
Are you in need of a financing for a house repair or home improvement? These two (2) purposes are which the SSS Housing Loan was crafted for. You may apply for it to fund the completion of an occupied bare house, installation of deep well and motor pump, or extension or expansion and enhancement of economic and aesthetic value of an existing housing unit.
You may also apply for the SSS Housing Loan to finance a construction of concrete fence and steel gate or do major house repairs like fixing dilapidated housing units and those that are structurally unsafe.
With regards to the SSS Housing Loan amount that a member can borrow, the loanable amount may vary and the state-run social insurance institution allows up to Php 1 million.
The SSS considers the following factors:
- appraised value of collateral of at least 70% but not to exceed 90%
- actual need of the borrower based on the contract to sell/scope of work and bill of materials evaluated by the SSS
- borrower’s capacity to pay
The loan is payable for up to 20 years. Who are qualified to apply for the offer? The Social Security System has set both the SSS Housing Loan qualifications for the member-borrower and the collaterals.
Prepare and submit the SSS Housing Loan requirements 2024 should you wish to apply for the offer. The loan evaluation processing may take a few weeks thus it is important to submit your application ahead of your target date for the repair or improvement of your residential property.